Your Most Common Foreclosure Options:

Reinstate
Loan
- This is the fastest way to stop a foreclosure. Call the
bank and ask them what the "Reinstatement Amount"
is. This amount will include the past due (or back) payments
and will typically include late fees and possibly attorney
fees. This will need to be paid in one lump sum. If you
don't have these funds available consider these
sources: Cash value of insurance policies, credit
cards, retirement funds, friends and family, ask
us about financing this amount.

Repayment
Plan, Forbearance, Loan Modification - These
are all variations on the same theme (and can be used in
combination to solve the situation). They are all ways to
allow you to make up the above "Reinstatement
Amount" over some period of time. You'll
need a plan that will work with your current budget and
what you can realistically afford to pay (initially most
likely a much higher payment)
and what you can afford on a regular ongoing basis. This
is the biggest challenge with this plan - getting a reasonable
payment. In some cases, the bank will stop the foreclosure
and even give you a certain amount of time to gather other
assets before asking for the next payment. Typically these
plans are best for people that can afford the payments,
but had a temporary short-term financial setback (loss of
job, medical issues, etc.) and are now "back on their
feet" and able to afford the house payments. Be careful
not to over-estimate your ability to make these payments
- you could end up in the same or worse position than you
are now. Negotiating these plans with the bank can be tricky
and time consuming, so consider getting
us on your side. Learn about this potential trap here
and here.

Refinancing
- Find a new lender willing to refinance the old mortgage
and all of the late fees (and other penalties). The late
payments associated with the foreclosure will make it very
difficult for traditional lenders to approve you for a refinance.
This is still a possibility if you have had excellent credit
up until this point. The interest rate will probably be
very high, especially if your credit isn't perfect or if
there is little equity in the house. This is still worth
considering - we suggest contacting
us as we have relationships with lenders who specialize
in these types of refinances. Learn about this potential
trap here
and here.

Partial
Claim (FHA Loans Only) - If you have an FHA insured
loan, the Department of Housing and Urban Development (HUD)
has this program that may work for you with your bank's
cooperation. You may qualify if you can afford to continue
making payments on the existing loan and need HUD to lend
the bank your "Reinstatement
Amount". You'll then repay HUD for this short-term
loan. See the HUD
website for more information. This is a complex
negotiation since it involves working with your bank and
the U.S. Government - do you think you'd need
help with that?

Sale
of Property (2 Options) - If none of the above
options are able to be successfully negotiated (with a workable
monthly payment), your only option may be to sell your house.
We know it certainly isn't something you want to do, but
the alternative (losing the house to the bank via foreclosure
and destroying your credit) is much, much worse!

Sell
Traditionally - If you have significant equity
in your property, we may be able to negotiate more time
with the bank to allow you to sell your house traditionally.
Without an extension from the bank, the chances of selling
the house and closing the sale prior to the foreclosure
is slim to none. The equity you have in the house needs
to be enough to convince the bank to wait (we
can help), to pay a Realtor®, and to pay closing
costs. Learn about this potential trap here. Even
with little equity, consider selling it to a family member
that will allow you to stay in the house.

Selling
With Little Or No (or negative) Equity - Do you
owe more on your house than it's actually worth? You've
probably been a victim of loan fraud or recently refinanced
with a predatory lender. This is not your fault! You'll
need to find an attorney if you decide to go after them
(these cases are tough to prove and expensive to try).
But first, you need to focus on
solving your foreclosure situation.Even
if you owe much more than your house is worth, we can
help! You need a Foreclosure Specialist to negotiate
the debt to be reduced to a point that it makes financial
sense for someone else to buy your house. This
is the most complex negotiation involved with the foreclosure
process ("don't try this at home"). Not
only do you need to know how to work with the bank, you
need to find a buyer for your house. We work with people
on their behalf on these deals all of the time. Those
that we know who try it on their own have all failed.
If this is your last option, let
us help you - there is no charge for any
of our services!

The
last three options (below) in our mind are not valid options
because they all put you in a worse position than any of
the above options, but they are listed here because other
"experts" are going to suggest these to you.

Deed
In Lieu of Foreclosure - Don’t let the bank
fool you. Your credit report and personal record will read
“Deed In Lieu”, which is a VOLUNTARY FORECLOSURE.
This only benefits the bank by saving them time and money.
It is still a foreclosure - it just happens faster and takes
away many of your rights. Don't make this mistake!

Filing
Bankruptcy - Many homeowners are "sold"
a bankruptcy from a bankruptcy attorney who are more interested
in making money than helping the homeowner (see the common
foreclosure misconceptions). A bankruptcy will simply
slow down the foreclosure process, it will not stop it permanently.
The vast majority of the time, the house still goes to the
foreclosure auction. At that point, you'll have a foreclosure
and a bankruptcy on your record and it will take years to
reestablish credit. Don't fall into
this trap - read more here
and here!

Nothing
- Seems like a silly option, doesn't it? Don't get into
the denial trap! Many
people choose this by default because the situation is just
too overwhelming. The situation won't magically work itself
out, you need to take control
and get help. Of course you've
already taken the most important first step by reading this
web site. Now it's time for the second important step -
Contact Now!

When
evaluating your options, be sure to ask yourself these 5
questions:

1) Is
filing Chapter 13 Bankruptcy going to make the foreclosure
go away forever, or will I have to pay to keep the house?
Unfortunately, many Bankruptcy Attorneys are more interested
in "selling" you a Bankruptcy than they are about
helping you. Be sure to read more here
and here before
falling into this trap!

2) Can
I really afford the significant increase in payments through
a forbearance or payment plan?

3) Should
I wait until the sheriff shows up and orders me and my family
to vacate the house or should I do something about the situation
now?

4) How
much money can I comfortably afford each month for house
payments?

5) How
can I get out of this situation without having to pay thousands
of dollars in attorney fees, Realtor® commissions and
closing costs?

If you’d
like to be proactive and take
control of this situation – not letting the bank
or anyone else get the best of you – then contact
us now! We will help you further evaluate all of your
options, answer any additional questions and provide you
with solutions to solve your situation.

We
can save your home from foreclosure!
There are many companies and individuals in Michigan that
promise that “I Buy Houses” or “I
Stop Foreclosures”.
You need to understand that many of them are much more
interested in taking your home and your equity than they
are about helping you. See this Special
Report for details.

Too
much information? Confusing? That's OK, contact
us right now and we'll simplify it for you.